Marc Nozell via Flickr (CC BY 2.0)
Joe Biden has received a massive donation from the Goldman Sachs exec who allowed the financial giant to profit off of the 2008 financial crisis.
According to The Washington Free Beacon:
The former Goldman Sachs executive who devised the “Big Short” and told colleagues they would make “serious money” off the housing market collapse has poured $200,000 into Joe Biden’s victory fund, filings show.
Donald Mullen Jr., a mastermind behind the scheme that allowed Goldman Sachs to profit during the financial crisis, pushed the six-figure donation into the Biden Victory Fund this past quarter. Mullen has given generously to a number of other liberal committees and politicians this cycle, including the Democratic National Committee, Democratic Congressional Campaign Committee, and Senate candidates Mark Kelly and Theresa Greenfield, among many others.
Mullen’s donation to Biden’s joint fundraising committee came as the presidential contender saw a windfall from Wall Street executives in the third quarter. Biden has so far outpaced President Donald Trump in donations from the financial sector by nearly $40 million. But perhaps none of the donations could draw as much ire as Mullen’s, who has become known as the man who “screwed America’s economy.”
As head of Goldman Sachs’s mortgage and credit business, Mullen was a leading player in the subprime mortgage trade that helped the financial giant profit off the housing market collapse. Mullen and other executives at Goldman bet big that the housing bubble would burst, even as they urged customers to invest in the market. The bet became known as the “Big Short” and was credited to Mullen, who told colleagues in a 2007 email that they “will make some serious money.”
Sachs was fined $5 billion for its role but Mulle was never accused of wrongdoing.